The Arab Banking Corporation (ABC) has announced the proposed sale of its investment in Banco Atlantico, Madrid Arab Banking Corporation, stated a company release.

Bahrain-based ABC announced at a meeting held on October 9, 2003, that the Board of Directors has resolved to dispose of ABC’s entire shareholding in Banco Atlántico. Deutsche Bank London will continue to act as ABC’s financial advisor on this transaction.

ABC is also in the process of divesting its interest in its Hong Kong based subsidiary, International Bank of Asia.

ABC is the parent company of the Arab Banking Group. The corporation’s operating income increased to $157 million for the first half of 2003, 16 percent higher than the $135 million generated in the first half of 2002. — (menareport.com)